Romeo and his friends are on their way to the party at the Capulet's house. His friends have just said that they are going to be late.

There is a word for word translation of this on enotes: http://www.enotes.com/romeo-text/act-i-scene-iv

The gist of the passage is that Romeo says he is afraid that they will arrive too soon because he is afraid that going to the party will lead to dire consequences. He says he fears that the events of the evening will start a chain of events that will eventually cost him his life (an untimely death). This is the "consequence" that is "yet hanging in the stars."

What he says suggests that he has a choice to go in or not. It also suggests that he feels that if he does go in, and if fate has its way, he will die before his time.

The first part of this passage is all about what Romeo is afraid will happen if he goes to the party. In the last two lines, he has decided to go on despite his misgivings.

He uses the metaphor of a ship, and says he hopes that "fate" or God (He) will direct his course. So he ignores his intuition and gives up control over his actions by surrendering to that "fate" or God or whatever is in control of his life.

(Much in the reading of this line depends on whether the capitalization of "he" is an editorial decision, or one evident in the original folios). In my Arden Shakespeare, the word is in the lower case. This implies that he is giving his control over his life over to fate, and not to God. This is important because surrendering to fate and to God are two very different things. If he is surrendering to some unknown pilot, not God, then he is saying that he has no power to control his destiny, and he is giving up his free will. He is saying that he does not want to have the power to control the direction of his life.

While Romeo, Benvolio, and Mercutio are on their way to the Capulet's ball in hopes that Romeo will look at other women besides Rosaline, Romeo says the following lines that say:

I am scared that something will happen "too early"; something that "God" may control (in the stars) shall cause events to transpire because of my going to the ball. He says that he feels as though he is going to die younger than planned. He continues to say that the person who is controlling his life-- keep doing it "steer my course"; carry on with what is planned. He is not stopping even though he is nervous for "fate" or some other thing, controls his life-- not he.